Loblaws squeezed somewhat more revenue from stores in the second quarter but saw its net profit drop by an astonishing 14.6 per cent from the same time last year. How come? Loblaws says main reason for the reduced profit to shareholders was higher interest expenses and financing charges. The company’s net income was $158 million or 39 cents per share, down from $185 million or 44 cents per share. Some will think that’s a lot of interest. Overall revenue was up $196 million or 2 per cent, rising to $10.73 billion from $10.54 billion a year earlier. Revenue grew faster at the Shoppers Drug Mart pharmacy division than from notoriously tight food retailing.
